Grange Mutual Life Co. v. State Tax Commission

TAYLOR, Chief Justice.

Subsequent to first opinion filed December 22, 1954, rehearing was had March 10, 1955. The first opinion is withdrawn and the following substituted.

This action was brought by respondent, a domestic life insurance corporation, § 41-304, I.C., to avoid the payment of deficiencies claimed by the state tax collector to be owing on its franchise tax for the years 1949, 1950 and 1951. The alleged deficiencies arise out of the failure of the plaintiff to include in its net income interest received by it on bonds issued by the United States government.

“Life insurance companies…